SUN Falls 8% As Tron Founder Justin Sun Announces 100% Onchain Buyback And Burn Program For SunPump

The Sun Token price (SUN) dropped more than 8% in the last 24 hours after Tron founder Justin Sun announced a 100% on-chain buyback and burns program for meme coin launchpad SunPump.

Following the steep price drop, SUN traded at $0.03121 as of 8:40 a.m. EST. Despite the pullback, the crypto is still in the green by more than 291% on the monthly time frame, according to CoinMarketCap data.

Justin Sun Announces Buyback And Burn Initiative For SunPump

Sun announced that the Tron meme coin community has decided to implement a 100% buyback and burn program for SunPump. This decision follows a discussion within the community that moved away from initial intentions to burn tokens from liquidity pools, according to the Tron founder.

Regarding the issue of revenue buyback and burning for @sunpumpmeme , the community previously suggested burning liquidity LP tokens because this approach is used by mainstream meme tokens like SHIB.

Burning LP tokens has several advantages, including increasing token liquidity…

— H.E. Justin Sun🌞孙宇晨(hiring) (@justinsuntron) September 3, 2024

Sun said in a Sept. 3 post on X that burning tokens from liquidity pools has “several advantages.” One of the benefits of this approach is that it is more “regulator-friendly.” However, the process is complicated to explain and can lead to misunderstandings in the community, he added.

“After discussion, the community agreed that a better approach would be to directly implement a 100% on-chain buyback and burn process,” the Tron founder said. This method, according to Sun, is a lot easier to verify since all records of funds being burned will be stored on the blockchain.

Number Of Daily New Meme Coins On SunPump Drops

Data from Dune Analytics shows more than 2,000 tokens have been launched on SunPump on a daily basis since the start of the month. This is less than half the 5,500 average new cryptos that were minted on the platform between Aug. 28 and Aug. 30. 

Over 75.5K meme coins have been launched on SunPump so far. The platform has also generated more than 29.7 million TRX in revenue. At the current price of the altcoin, this revenue equates to over $4.5 million. 

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